King David land for development

Posted On Monday, 02 April 2001 03:01 Published by
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MIKE FLAX, MD of the Spearhead Property Group and incoming captain of King David Golf Course, is heading up a development project which will result in 60 000sq m (9%)

MIKE FLAX, MD of the Spearhead Property Group and incoming captain of King David Golf Course, is heading up a development project which will result in 60 000sq m (9%) of the King David land being zoned for industrial and commercial development.
All proposals are being finalised with both the residents of Montana and the Tygerberg Council. The R12 million generated by plots sales in the development, says Flax, will enable the club to complete, before the middle of 2002, an upgrade of the course to US PGA standards.
The site is already being referred to in Cape property circles as one of the most central locations of any kind. It is bounded by Modderdam and Palotti Roads and is only 400m from the Cape Town International Airport. Obviously, from this position, it has quick and easy access to the N2 freeway and the Stellenbosch arterial road and is likely, says Flax, to find particular favour with distributors, exporters and importers. Pick 'n Pay has gone ahead with a regional distribution facility on a nearby site, on land that belongs to ACSA.
Flax gave his assurance that the park-like nature of the site, which has a great many mature trees and excellent landscaping, will be maintained despite the industrial nature of the development and, in fact, will be enhanced. He said, too, that strict security will be a top priority in all the development planning.
"This is, I think, the only industrial development in Cape Town on a golf course and obviously the setting adds greatly to its appeal," he said.
Two of the holes, he said, will be realigned to cope with the changes but the club has additional land on the clubhouse side of its property to compensate for the loss of the area to be sold off.
The erven will sell at between R160 per sq m and R220 per sq m and will come in parcels starting at 1 000sq m.
Those wanting larger properties will be able to consolidate their erven up to a maximum of 30 000sq m, but Flax expects a typical buyer to be happy with 1 500sq m.
Over R50 million worth of building work, says Flax, will follow on site

Publisher: Cape Business News
Source: Cape Business News

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